-
S-1351
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
DIRECTORS REPORT
The Directors have pleasure in presenting their Report and
Accounts for the year ended March 31, 2013.
1. FINANCIAL RESULTS
Particulars 2012-13 2011-12
R in Lakh R in Lakh
1 Profit Before Depreciation & Tax (PBDT) 2,842.11
897.24
2 Less: Depreciation 431.96 376.66
3 Profit / (Loss) before tax (PBT) 2,410.15 520.59
4 Less: Provision for taxes 440.33 (142.39)
5 Profit / (Loss) after tax (PAT) 1,969,82 662.98
6 Add: Balance brought forward from previous year 70,954.49
70,291.51
7 Balance available for disposal which the directors appropriate
as follows: 72,924.31 70,954.49
8 Debenture Redemption reserve 921.08 0.00
9 Balance to be carried forward 72,003.23 70,954.49
2. PERFORMANCE OF THE COMPANY
The Directors are happy to inform that the Company has reported
a total income of R 10,693.98 lakhs and post-tax profits of R
1,969.82 lakhs
for the year. During the year, Financial Closure was achieved
for L&T Deccan Tollways Limited (a SPV promoted by your
Company) thereby
tying up Debt of R 890.75 Crores. Despite the prevailing
difficult economic scenario and lower appetite of banks for
infrastructure projects,
two subsidiaries incorporated for executing two large road
projects (NHAI) in the state of Maharashtra were able to tie up
debt aggregating
to R 3,972.75 Crores in December 2012. However, Appointed Date
for all the three Projects could not be achieved during the
Financial Year
pending completion of certain Conditions Precedents.
The following road projects commenced tolling during the
year:
1. L&T Halol-Shamlaji Tollway Limited
2. L&T Ahmedabad Maliya Tollway Limited
3. PNG Tollway Limited - partial tolling from October 2012
The Directors are also pleased to inform that the aggregate toll
collection during the year across the road projects for the first
time crossed
R1,000 Crores in February 2013.
Concession period of Narmada Infrastructure Construction
Enterprise Limited {Narmada Project} ended on 20th December 2012
and the
project facility was handed over back to the Authority in terms
of the Concession Agreement.
The Dhamra Port Company Limited {Dhamra Port Project},in which
your Company has 50% stake showed an improvement in the
capacity
utilization of its existing berths during the second half of the
financial year. The total cargo handled during the year is 11.1
Million tons. The
Dhamra Port Project also successfully re-financed its project
loans to bring down financing costs significantly and thereby
improving its debt
service capacity.The project is poised for cash break during the
financial year 2013-14.
Appointed Date for L&T Metro Rail (Hyderabad) Limited
{Hyderabad Metro Project} was declared on July 5, 2012, paving way
for commencement
of construction. Construction is in full swing and almost all
major procurement orders have been placed.
During the year, your Company produced 20.89 million KWH thereby
registering a growth of approximately 21.3% over the previous
financial
year. During the year, your Company has also successfully
registered the wind energy project as a Clean Development Mechanism
Project
with United Nations Framework Convention on Climate Change,
Germany.
During the year, your Company issued Non-Convertible Debentures
amounting to R 18,000 lakhs. This is amongst the first bond
issuance
backed by cash flows of a toll road project.
3. DIVIDEND
In view of the further funding requirements for some of the
Projects of the Company, the Directors do not recommend any
dividend for the
year 2012-13.
4. CAPITAL EXPENDITURE
The gross fixed assets of the Company as on March 31st, 2013 is
R 8,177.99 lakhs and after charging depreciation to the extent of R
1,358.70
lakhs, the net fixed assets value is R 6,819.29 lakhs. The
Company has added fixed assets amounting to R 508.07 lakhs during
the financial
year.
5. DEPOSITS
The Company has not accepted any deposits from the public.
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S-1352
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
6. AUDITORS REPORT
The Auditors Report to the Shareholders does not contain any
qualifications.
7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
A. Conservation of Energy
The operations of your Company are not energy intensive as
Company is not engaged in manufacturing activity and your Company
is
not under the list of industries which should furnish
information in form A (Rule 2).
B. Technology Absorption
No technology has been developed and / or imported by way of
foreign collaboration.
C. Foreign Exchange Earnings and Outgo
During the year, the Company had the following transactions in
foreign currency:
Expenditure in Foreign Currency
Nature of Transaction R
Professional fees 77,38,756
Training fees 2,03,259
Travelling expenses 8,58,407
8. SUBSIDIARIES
During the year the following Subsidiary Companies had made
allotment of Equity Shares @ R10/- each (#)on preferential
allotment basis to
the Company:
Name of the Company No. of shares
L&T BPP Tollway Limited 11,48,60,000
L&T Chennai - Tada Tollway Limited 4,19,99,900
L&T Deccan Tollways Limited 2,35,25,000
L&T East-West Tollway Limited 1,04,75,000
L&T Great Eastern Highway Limited 86,95,000
L&T Infrastructure Development Projects Lanka (Private)
Limited (# R10/- each Sri Lankan rupee) 4,98,165
L&T Metro Rail (Hyderabad) Limited 9,20,70,000
The statement pursuant to Section 212 of the Companies Act, 1956
containing details of Subsidiaries of the Company, forms part of
the Annual
Report.
9. PARTICULARS OF EMPLOYEES
There are no employees covered by the provisions of the Section
217(2A) of the Companies Act, 1956, read with the Companies
(Particulars
of Employees) Rules, 1975.
10. DIRECTORS RESPONSIBILITY STATEMENT
The Board of Directors of the Company confirms:
1. that in the preparation of the annual accounts, the
applicable accounting standards have been followed and there has
been no material
departure;
2. that the selected accounting policies were applied
consistently and the directors made judgments and estimates that
are reasonable and
prudent so as to give a true and fair view of the state of
affairs of the Company as at March 31, 2013.
3. that proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the
provisions of
the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities;
4. that the annual accounts have been prepared on a going
concern basis; and
5. that proper systems are in place to ensure compliance of all
laws applicable to the Company.
11. DIRECTORS:
Mr. Thomas Mathew resigned as Director of the Company on
22.11.2012. The Directors expressed their sincere appreciation for
the valuable
contribution made by Mr. Thomas Mathew towards the progress of
the Company.
Mr. Sushobhan Sarker was appointed as Director of the Company at
the Meeting held on 25.2.2013 in the Casual Vacancy caused due to
the
resignation of Mr. Thomas Mathew.
Mr. Sushobhan Sarker and Mr. Sudhakar Rao, Directors of the
Company retire at the ensuing Annual General Meeting of the Company
and
being eligible offer themselves for re-appointment.
-
S-1353
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
12. AUDIT COMMITTEE
The Members of the Audit Committee are:
Mr. Sudhakar Rao Chairman
Mr. Y. M. Deosthalee Member and
Mr. R. Shankar Raman Member
The Committee met and held discussions with the auditors on
internal control systems and internal audit report.
The role, terms of reference, the authority and power of
Chairman are in conformity with the requirements of the Companies
Act, 1956.
The terms of reference of the Audit Committee includes the
following matters:
1. Review of Financial Statements
2. Review of Compliance with Accounting Standards
3. Review of Internal Control Systems
4. Discussion with Internal and External Auditors on Financial
Statements & Internal Controls,
5. Review of Companys financial and risk management policies and
such other matters, which the Board may assign from time to
time
and for this purpose, the Audit Committee shall have full access
to information contained in the records of the Company and
external
professional advice, if necessary.
13. AUDITORS
The Auditors, M/s Sharp & Tannan, Chartered Accountants,
being statutory auditors of the Company hold office until the
conclusion of the
ensuing Annual General Meeting and are recommended for
reappointment.
Certificate from Auditors has been received to the effect that
their appointment, if made, would be within the limits prescribed
under Section
224(1B) of the Companies Act, 1956.
14. COMPLIANCE WITH VOLUNTARY CORPORATE GOVERNANCE GUIDELINES,
2009
The Company has familiarized itself with the requirement of the
Corporate Governance Voluntary Guidelines 2009 issued by the
Ministry of
Corporate Affairs and it is in the process of implementing many
of the suggestions. Our compliance with the said guidelines is
given below-
A. Separation of Offices of Chairman & Chief Executive
The roles and offices of Chairman and Chief Executive are
separated. Mr. Y. M. Deosthalee is elected as the Chairman of the
Board
Meeting and Mr. K. Venkatesh is appointed as the Chief Executive
of the Company and also appointed as the Managing Director
under
the Companies Act, 1956.
B. Remuneration of Directors
The Directors are not paid any remuneration except for
Independent Directors who are paid sitting fees for attending the
Audit Committee
Meetings and Board meetings.
C. Independent Directors
Currently, Mr. Sushobhan Sarker and Mr. Sudhakar Rao are the
Independent Directors on the Board of the Company.
D. Number of Companies in which an Individual may become a
Director
The Company has apprised its board members about the restriction
on number of other directorships and the same is being complied
with.
E. Responsibilities of the Board
Presentations to the Board in areas such as financial results,
budgets, business prospects etc. give the Directors, an opportunity
to
interact with senior managers and other functional heads.
Directors are also updated about their role, responsibilities and
liabilities.
The Company ensures necessary training to the Directors relating
to its business through formal/ informal interactions. Systems,
procedures
and resources are available to ensure that every Director is
supplied, in a timely manner, with precise and concise information
in a form
and of a quality appropriate to effectively enable/ discharge
his duties. The Directors are given time to study the data and
contribute
effectively to Board discussions. The Non-Executive Directors
through their interactions and deliberations give suggestions for
improving
overall effectiveness of the Board and its Committees. Their
inputs are also utilized to determine the critical skills required
for prospective
candidates for election to the Board. The system of risk
assessment and compliance with statutory requirements are in
place.
F. Statutory Auditors
The Company has obtained a certificate from the auditors
certifying its independence and arms length relationship with the
Company.
The Company does not advocate rotation of Auditors as envisaged
in these guidelines in view of the domain knowledge acquired by
the
Auditors over a period of time.
G. Internal Auditors
An In-House Internal Audit Department provides internal audit
services to the Company.
-
S-1354
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
H. Internal Control
The Board ensures the effectiveness of the Companys system of
internal controls including financial, operational and compliance
controls
and risk management systems.
I. Secretarial Audit
The Secretarial Audit, at regular intervals, is conducted by the
Corporate Secretarial department of Larsen & Toubro Limited,
which has
competent professionals to carry out the said audit.
15. ACKNOWLEDGEMENTS:
The Directors acknowledge the invaluable support extended to the
Company by the financial institutions, bankers, employees of the
Company,
staff and management of the parent Company.
For and on behalf of the Board of Directors
Place : Mumbai K. VENKATESH Y. M. DEOSTHALEE
Date : May 2, 2013 Director Director
-
S-1355
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
INDEPENDENT AUDITORS REPORT
TO THE MEMBERS OF L&T INFRASTRUCTURE DEVELOPMENT PROJECTS
LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of L&T
INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED (the Company),
which comprise the Balance Sheet as at March 31,2013 and the
Statement of Profit and Loss and Cash Flow Statement for the year
then ended,
and a summary of significant accounting policies and other
explanatory information.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial
position, financial performance
and cash flows of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies
Act, 1956 (the Act). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and
presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether due to
fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards
on Auditing issued by the Institute of Chartered Accountants of
India. Those Standards require that we comply with ethical
requirements and plan
and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures
selected depend on the auditors judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due
to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Companys preparation and
fair presentation
of the financial statements in order to design audit procedures
that are appropriate in the circumstances. An audit also includes
evaluating the
appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by Management, as
well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, the financial statements give the
information required
by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally
accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of
the Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the
profit for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for
the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2003
(the Order), as amended, issued by the Central Government of India
in terms
of sub-section (4A) of Section 227 of the Act, we give in the
Annexure a statement on the matters specified in paragraphs 4 and 5
of the said
Order.
2. As required by Section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which
to the best of our knowledge and belief were necessary for the
purposes
of our audit;
b) in our opinion proper books of account as required by law
have been kept by the Company so far as appears from our
examination of
those books;
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books
of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and
Loss, and Cash Flow Statement dealt with by this report comply with
the
accounting standards referred to in subsection (3C) of Section
211 of the Companies Act, 1956;and
e) on the basis of written representations received from the
Directors as on March 31, 2013 and taken on record by the Board of
Directors,
none of the directors are disqualified as on March 31, 2013,
from being appointed as a director in terms of clause (g) of
sub-section (1)
of Section 274 of the Companies Act, 1956.
SHARP & TANNAN
Chartered Accountants
(Firms Registration No. 003792S)
L. VAIDYANATHAN
Place : Chennai Partner
Date : May 3, 2013 Membership No. 16368
-
S-1356
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
ANNEXURE TO THE AUDITOR S REPORT
With reference to the Annexure referred to in paragraph 1 under
the heading Report on other legal and regulatory requirements of
the Independent
Auditors Report to the members of L&T INFRASTRUCTURE
DEVELOPMENT PROJECTS LIMITED on the financial statements for the
year ended
March 31, 2013, we report that:
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on
such
verification.
(c) The Company has not disposed substantial part of its fixed
assets during the year and hence does not affect the going
concern..
(ii) The Company does not carry any inventory in its books and
hence, reporting under clauses 4(ii) (a), (b) and (c) of the Order
does not arise.
(iii) (a) According to the information and explanations given to
us, the Company has not granted any loans, secured or unsecured, to
companies,
firms and other parties covered in the register maintained under
Section 301 of the Companies Act, 1956. Hence reporting under
clauses
4(iii) (b), (c) and (d) of the Order does not arise.
(e) According to the information and explanations given to us,
the Company has not taken any loans, secured or unsecured, from
companies,
firms and other parties covered in the register maintained under
Section 301 of the Companies Act, 1956. Hence, reporting under
clauses 4(iii) (f) and (g) of the Order does not arise.
(iv) In our opinion, and according to the information and
explanations given to us, there is an adequate internal control
system commensurate
with the size of the Company and nature of its business for
purchase of fixed assets and sale of goods and services. In our
opinion, and
according to the information and explanations given to us, there
is no continuing failure to correct major weaknesses in the
internal control
system.
(v) In our opinion, and according to the information and
explanations given to us, there are no contracts/ arrangements that
need to be entered
into the register maintained under Section 301 of the Companies
Act, 1956 and hence reporting under clause 4 (v) of the Order does
not
arise.
(vi) The Company has not accepted any deposit from the public
within the meaning of Sections 58A, 58AA or any other relevant
provisions of
the Companies Act, 1956 and the rules framed there under. Hence
reporting under clause 4(vi) of the Order does not arise.
(vii) In our opinion, the Company has an adequate internal audit
system which is commensurate with the size and nature of its
business.
(viii) We have broadly reviewed the books of account and records
maintained by the Company pursuant to the rules prescribed by the
Central
Government for the maintenance of cost records under Section
209(1)(d) of the Companies Act, 1956 and are of the opinion that
prima
facie the prescribed accounts and records have been made and
maintained. The contents of these accounts and records have not
been
examined by us.
(ix) (a) According to the information and explanations given to
us and on the basis of our examination of the books of account, the
Company
is generally regular in depositing undisputed statutory dues
including Income-tax, Provident fund and other statutory dues
during the
year with appropriate authorities. According to the information
and explanation given to us, there were no undisputed amount
payable
on account of Income tax, Provident Fund and any other statutory
dues as at March 31, 2013, for a year of more than six months
from
the date they become payable.
(b) According to the information and explanations given to us,
and the records of the Company examined by us, the particulars of
income
tax as at March 31, 2013 which has not been deposited on account
of dispute pending is as under :
Name of the statute Nature of dispute dues Amount in R Period to
which the
amount relates
Forum where disputes
are pending
Income tax Act , 1961 Disallowance under
Section 14A of the Act
84,93,920 AY 2009-10 Commissioner of
Income tax (Appeals)
(x) The Company has no accumulated losses as at March 31, 2013
and it has not incurred cash losses in the financial year ended on
that date
or in the immediately preceding financial year.
(xi) The Company has not defaulted in repayment of dues to
financial institution or bank or debenture holders, during the
year.
(xii) According to the information and explanations given to us,
the Company has not granted loans and advances on the basis of
security by
way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund/ nidhi/
mutual benefit fund/society and hence reporting on clause 4(xiii)
of the Order does not
arise.
(xiv) According to the information and explanation given to us,
the Company is not a dealer or trader in shares, securities,
debentures and other
investments. However the surplus funds have been invested in
mutual funds. Proper records have been maintained for the
transactions and
contracts for the investment in mutual funds and are updated on
a timely basis. The investments have been held by the Company in
its own
name.
(xv) In our opinion and according to the information and
explanations given to us, the terms and conditions of guarantees
given by the Company
for loans taken by the subsidiary companies from banks or
financial institutions are not prima facie prejudicial to the
interests of the Company.
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S-1357
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
(xvi) In our opinion and according to the information and
explanations given to us, on an overall basis the term loans have
been applied for the
purpose for which they were obtained.
(xvii) According to the information and explanations given to
us, on an overall examination of the Balance Sheet of the Company,
we report that
no funds raised on short term basis have been used for long term
investments.
(xviii) The Company has not made any preferential allotment of
shares during the year to parties and companies covered in the
register maintained
under Section 301 of the Companies Act, 1956.
(xix) According to the information and explanations given to us
and the records examined by us, security or charges has been
created in respect
of debentures issued.
(xx) The Company has not raised any money by way of public issue
during the year.
(xxi) During the course of our examination of the books and the
records of the Company, carried out in accordance with the
generally accepted
auditing practices in India, and according to the information
and explanations given to us, we have neither come across any
instances of
material fraud on or by the Company, noticed or reported during
the year, nor have we been informed of such cases by the
management.
SHARP & TANNAN
Chartered Accountants
(Firms Registration No. 003792S)
L. VAIDYANATHAN
Place : Chennai Partner
Date : May 3, 2013 Membership No. 16368
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S-1358
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
BALANCE SHEET AS AT MARCH 31, 2013
Note No.As at 31.03.2013 As at 31.03.2012
R R R R
EQUITY AND LIABILITIESShareholders funds Share capital A
3,210,490,960 3,210,490,960 Reserves and surplus B 27,030,065,010
26,843,394,579
30,240,555,970 30,053,885,539Non-current liabilities Long-term
borrowings C(I) 1,750,000,000 Deferred tax liabilities (Net) Q(3)
57,394,160 61,591,477 Other long-term liabilities C(II) 143,000,000
143,000,000 Long-term provisions C(III) 780,853
1,950,394,160 205,372,330Current liabilities Short-term
borrowings D(I) 3,300,100,000 754,500,000 Current maturities of
long-term borrowings D(II) 50,000,000 Trade payables D(III)
17,753,631 38,772,859 Other current liabilities D(IV) 305,913,779
120,334,598 Short-term provisions D(V) 30,772,204 20,656,367
3,704,539,614 934,263,824
TOTAL 35,895,489,744 31,193,521,693
ASSETSNon-current assets Fixed assets Tangible assets E(I)
678,981,954 670,607,422 Intangible assets E(II) 2,946,711
4,268,168
681,928,665 674,875,590 Non-current investments F 25,763,908,552
20,395,576,692 Long-term loans and advances G 6,148,720,727
5,194,700,786Current assets Current investments H(I) 197,875,000
134,705,040 Trade receivables H(II) 34,409,115 181,906,303 Cash and
bank balances H(III) 107,708,225 1,734,076,098 Short-term loans and
advances H(IV) 2,723,209,267 2,877,446,809 Other current assets
H(V) 237,730,193 234,375
3,300,931,800 4,928,368,625
TOTAL 35,895,489,744 31,193,521,693
CONTINGENT LIABILITIES ICOMMITMENTS (CAPITAL AND OTHERS) JOTHER
NOTES FORMING PART OF THE ACCOUNTS QSIGNIFICANT ACCOUNTING POLICIES
R
As per our report attached
SHARP & TANNAN
Chartered Accountants
Firms Registration No. 003792S
For and on behalf of the Board
L. VAIDYANATHAN
Partner
Membership No.16368
R. CHANDRASEKARAN K. VENKATESH R. SHANKAR RAMANSecretary Chief
Executive &
Managing Director
Director
Place : Chennai
Date : May 3, 2013
Place : Mumbai
Date : May 2, 2013
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S-1359
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31,
2013
Note No.
2012-13 2011-12
R R R R
REVENUE
Revenue from operations K 618,054,093 958,092,256
Other income L 451,343,812 76,250,990
Total revenue 1,069,397,905 1,034,343,246
EXPENSES
Operating expenses M 85,999,098 296,591,933
Employee benefits expense N 275,860,270 249,564,106
Finance costs O 252,746,546 249,988,959
Depreciation and amortisation expense 43,195,919 37,665,986
Administration and other expenses P 170,580,858 148,473,782
TOTAL EXPENSES 828,382,691 982,284,766
Profit before tax 241,015,214 52,058,480
Tax expense
Current tax 48,230,000 7,947,705
Less: Excess provision of earlier years (16,496,366)
48,230,000 (8,548,661)
Deferred tax Q(3) (4,197,317) (5,690,535)
44,032,683 (14,239,196)
Profit after tax carried to Balance Sheet 196,982,531
66,297,676
Earnings per equity share: Q(4)
Basic and diluted 0.61 0.24
Face value per equity share 10.00 10.00
OTHER NOTES FORMING PART OF THE ACCOUNTS Q
SIGNIFICANT ACCOUNTING POLICIES R
As per our report attached
SHARP & TANNAN
Chartered Accountants
Firms Registration No. 003792S
For and on behalf of the Board
L. VAIDYANATHAN
Partner
Membership No.16368
R. CHANDRASEKARAN K. VENKATESH R. SHANKAR RAMANSecretary Chief
Executive &
Managing Director
Director
Place : Chennai
Date : May 3, 2013
Place : Mumbai
Date : May 2, 2013
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S-1360
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 20132012-13
2011-12
R R
A. Cash flow from Operating Activities
Profit before taxes 241,015,214 52,058,480Adjustments for
:Depreciation and amortisation 43,195,919 37,665,986Dividend income
(12,335,348)Interest expense 252,746,546 249,988,959Interest income
(376,694,309) (28,189,547)Preoperative expenses written off
18,356,821(Profit)/loss on sale of fixed assets (31,716)
(29,090)(Profit)/loss on sale of current investments (73,870,933)
(34,067,981)Exchange (gain)/loss on investments 19,975
(1,209,024)
Operating Profit before working capital changes 86,380,696
282,239,256Adjustments For :(Increase) / Decrease in trade
receivables 147,497,188 (776,176)(Increase) / Decrease in loans and
advances 42,164,552 (62,278,689)Increase / (Decrease) in
liabilities and provisions (3,306,885) 8,116,995
Cash generated from/(used in) operations 272,735,551
227,301,386Direct taxes paid (net of refund) (50,346,487)
(101,976,418)
Net Cash generated from / (used in) Operating Activities (A)
222,389,064 125,324,968
B. Cash Flow from Investing activities :Purchase of fixed assets
(29,014,481) (46,544,764)Sale proceeds from fixed assets 590,200
29,099Investment in subsidiaries and associates (4,998,332,860)
(5,841,451,449)Advance towards equity commitment (82,500,000)
Long-term loans to subsidiaries and associates (2,969,902,000)
(2,143,065,739)Divestment of stake in subsidiaries and associates
750,000,000Exchange gain/(loss) on investments (19,975)
1,209,024Purchase and sale of current investments (net) 60,700,973
(27,762,059)Intercorporate deposits repaid by holding Company and
subsidiary 2,865,000,000 1,000,000,000Intercorporate deposits
placed with holding Company and subsidiaries (920,000,000)
(1,950,500,110)Dividend received from associate 4,915,000Dividend
received from current investments 7,420,348Interest received
55,788,553 28,189,547
Net Cash generated from/ (used in) Investing Activities (B)
(6,017,689,590) (8,217,561,103)
C. Cash Flow from Financing ActivitiesProceeds from issue of
share capital including securities premium 13,799,645,200Proceeds
from issue of debentures 1,800,000,000 Debenture issue expenses
(10,312,100) Issue of Commercial Papers 1,706,776,607
700,370,027Redemption of Commercial Papers (754,500,000)
Intercorporate deposits received from subsidiaries 1,475,100,000
Intercorporate deposits repaid to holding Company and subsidiaries
(4,950,000,000)Interest paid (48,131,854) (243,148,358)
Net Cash generated from/ (used in) Financing Activities (C)
4,168,932,653 9,306,866,869
Net increase / (decrease) in cash and cash equivalents (A+B+C)
(1,626,367,873) 1,214,630,734Cash and cash equivalents at beginning
of the year 1,734,076,098 519,445,364
Cash and cash equivalents at end of the year 107,708,225
1,734,076,098
NOTES : 1. Cash flow statement has been prepared under the
indirect method as set out in the Accounting Standard 3: Cash Flow
Statements as specified in the Companies (Accounting Standards)
Rules, 2006.
2. Cash and cash equivalents represents bank balances and
deposits disclosed under current assets [note H(III)] 3. Purchase
of fixed assets includes movement of capital advances during the
year. 4. Previous years figures have been regrouped/reclassified
wherever necessary.
As per our report attached
SHARP & TANNAN
Chartered Accountants
Firms Registration No. 003792S
For and on behalf of the Board
L. VAIDYANATHAN
Partner
Membership No.16368
R. CHANDRASEKARAN K. VENKATESH R. SHANKAR RAMANSecretary Chief
Executive &
Managing Director
Director
Place : Chennai
Date : May 3, 2013
Place : Mumbai
Date : May 2, 2013
-
S-1361
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
NOTES ACCOMPANYING FINANCIAL STATEMENTS
A SHARE CAPITAL
A (I) Authorised, issued, subscribed and paid-up:
As at 31.03.2013 As at 31.03.2012
No. of Shares R No. of Shares R
Authorised:
Equity shares of R 10 each 350,000,000 3,500,000,000 350,000,000
3,500,000,000
Issued:
Equity shares of R 10 each 321,049,096 3,210,490,960 321,049,096
3,210,490,960
Subscribed and fully paid up:
Equity shares of R each 321,049,096 3,210,490,960 321,049,096
3,210,490,960
A (II) Reconciliation of the shares outstanding at the beginning
and at the end of the year:
2012-13 2011-12
No. of Shares R No. of Shares R
Equity shares of R each fully paid up
At the beginning of the year 321,049,096 3,210,490,960
249,300,870 2,493,008,700
Issued during the year as fully paid up 71,748,226
717,482,260
Outstanding at the end of the year 321,049,096 3,210,490,960
321,049,096 3,210,490,960
A (III) Terms / rights / restriction attached to equity
shares
The Company has only one class of equity shares having a par
value of R 10/- per share. Each holder of equity shares is entitled
to one vote
per share.
The Company has not issued any securities with the right/option
to convert the same into equity shares at a later date
The Company has not reserved any shares for issue under options
and contracts/commitments for the sale of shares/disinvestment.
The shares issued carry equal rights to dividend declared by the
Company and no restrictions are attached to any specific
shareholder.
A (IV) Shares held by holding Company/ ultimate holding Company
and/or their subsidiaries/associates:
As at 31.03.2013 As at 31.03.2012
No. of Shares Shareholding % No. of Shares Shareholding %
Larsen & Toubro Limited, the holding Company (including
shares held along with its nominees)
Equity shares of R 10 each fully paid up 312,859,096 97.45
312,859,096 97.45
A (V) Details of shareholders holding more than 5% equity shares
in the Company:
Larsen & Toubro Limited (including shares held along with
its
nominees)
Equity shares of R 10 each fully paid up 312,859,096 97.45
312,859,096 97.45
A (VI) Aggregate number of bonus shares issued, shares issued
for consideration other than cash and shares bought back
during the period of five years immediately preceding the
reporting date: NIL
A (VII) Calls unpaid: NIL; Forfeited shares: NIL.
-
S-1362
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
As at 31.03.2013 As at 31.03.2012
R R R R
B RESERVES AND SURPLUS
Securities premium account
As per last Balance Sheet 19,747,946,012 6,665,783,072
Additions during the year 13,082,162,940
19,747,946,012 19,747,946,012
Less: Debenture issue expenses 10,312,100
19,737,633,912 19,747,946,012
Debenture redemption reserve
As per last Balance Sheet
Add: Transferred from surplus Statement of Profit and Loss
92,108,135
92,108,135
Surplus Statement of Profit and Loss
As per last Balance Sheet 7,095,448,567 7,029,150,891
Profit for the year 196,982,531 66,297,676
7,292,431,098 7,095,448,567
Less: Transfer to debenture redemption reserve 92,108,135
7,200,322,963 7,095,448,567
TOTAL 27,030,065,010 26,843,394,579
C(I) LONG TERM BORROWINGS:
Secured:
Redeemable non-convertible fixed rate debentures
[refer note C(I)(i)]
1,750,000,000
TOTAL 1,750,000,000
Note C(I)(i):
10.06% p.a. interest bearing 1,800 nos. of debentures of face
value R 10,00,000 each redeemable at par as shown below.
Series Amount
(R)
Current
maturities (R)
Non-current
maturities (R)
Redemption
Date
Series "A" of 2012-13 50,000,000 50,000,000 29-Apr-13
Series "B" of 2012-13 100,000,000 100,000,000 28-Apr-14
Series "C" of 2012-13 150,000,000 150,000,000 27-Apr-15
Series "D" of 2012-13 150,000,000 150,000,000 27-Apr-16
Series "E" of 2012-13 150,000,000 150,000,000 27-Apr-17
Series "F" of 2012-13 200,000,000 200,000,000 27-Apr-18
Series "G" of 2012-13 200,000,000 200,000,000 29-Apr-19
Series "H" of 2012-13 250,000,000 250,000,000 27-Apr-20
Series "I" of 2012-13 250,000,000 250,000,000 27-Apr-21
Series "J" of 2012-13 300,000,000 300,000,000 27-Apr-22
TOTAL 1,800,000,000 50,000,000 1,750,000,000
Security:
The debentures referred above are secured by way of pledge of
2500 nos. of rated secured redeemable non-convertible debentures
issued
by L&T Panipat Elevated Corridor Limited (subsidiary) of R
10,00,000 each, a designated bank account and an immovable property
situated
in Maharashtra as given in note E(I)(ii).
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1363
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
As at 31.03.2013 As at 31.03.2012
R R R R
C (II) OTHER LONG-TERM LIABILITIES:
Advance received against sale of investments
[refer note C(II)(i)]
143,000,000 143,000,000
TOTAL 143,000,000 143,000,000
Note C(II)(i):
Advance received against sale of investments represents advance
of R 14,30,00,000/- received from M/s. Sical Logistics Limited
(SLL) against
sale of 1,43,00,000 equity shares of R 10/- each in M/s Sical
Iron Ore Terminals Limited (SIOTL) at cost to SLL vide Agreement
for Share Sale
and Purchase dated December 17, 2008. The sale is subject to the
condition that it can be completed only after three years from the
date of
commencement of commercial operation by SIOTL as per clause
18.2.2 (i) (d) of the License agreement dated September 23, 2006
between
SIOTL and M/s Ennore Port Limited. As of March 31, 2013 SIOTL is
yet to commence commercial operation.
C (III) LONG-TERM PROVISIONS:
Provision for employee benefits
Provision for interest rate guaranteed on trust-managed
provident fund
780,853
TOTAL 780,853
D (I) SHORT-TERM BORROWINGS:
Unsecured:
Inter corporate borrowings (repayable on demand)
From related parties
Subsidiaries 1,475,100,000
Commercial papers [refer note D(I)(i)]
Issued to related parties
Subsidiaries 1,312,500,000 754,500,000
Issued to others 512,500,000
1,825,000,000 754,500,000
TOTAL 3,300,100,000 754,500,000
Note D(I)(i):
During the year, the following commercial papers has been
issued.
(i) To subsidiaries,
(a) 980 units having face value of R 5,00,000 each with a tenor
of 364 days has been issued at a discount of 9.00% p.a. The same
is
redeemable at par on September 26, 2013.
(b) 1,645 units having face value of R 5,00,000 each with a
tenor of 364 days has been issued at a discount of 8.75% p.a. The
same is
redeemable at par on February 13, 2014.
(ii) To others,
(a) 1,025 units having face value of R 5,00,000 each with a
tenor of 87 days has been issued at a discount of 10.05% p.a. The
same is
redeemable at par on June 06, 2013.
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1364
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
As at 31.03.2013 As at 31.03.2012
R R R R
D (II) CURRENT MATURITIES OF LONG-TERM BORROWINGS:
Secured
Redeemable non-convertible fixed rate debentures
[refer note C(I)(i)]
50,000,000
TOTAL 50,000,000
D (III) TRADE PAYABLES:
Due to micro and small enterprises [refer note D(III)(i)]
Due to related parties
Holding Company 3,876,900 14,802,410
Fellow subsidiary 1,481,946
5,358,846 14,802,410
Due to others 12,394,785 23,970,449
TOTAL 17,753,631 38,772,859
Note D(III)(i):
There has been no transaction during the year (previous year: R
Nil) with micro and small enterprises covered under the Micro,
Small and
Medium Enterprises Development (MSMED) Act, 2006. Hence
reporting details of principal and interest paid / outstanding does
not arise.
D (IV) OTHER CURRENT LIABILITIES:
Interest accrued but not due on borrowings 173,004,505
Due to related parties
Holding Company 9,799,321
Subsidiary 28,282
Fellow subsidiary 2,084,669
28,282 11,883,990
Advance received against sale of investments
[refer note D(IV)(i)]
67,875,000 67,875,000
Other payables
Statutory liabilities 10,667,229 12,378,570
Others 54,338,763 28,197,038
65,005,992 40,575,608
TOTAL 305,913,779 120,334,598
Note D(IV)(i)
Advance received against sale of investments represents advance
received from M/s. JRE Tank Terminals Private Limited (JRETTPL)
under an
agreement dated 24th August 2007 towards sale of 67,87,500
equity share of R 10/- each at cost in M/s. Ennore Tank Terminals
Private Limited
(ETTPL) to be transferred on completion of three calendar years
from the date of commencement of commercial operation. The said
project
has commenced commercial operations on January 15, 2009. The
Company has initiated the share transfer process and it is expected
to be
completed in 2013-14 once the approval of Ennore Port Limited is
obtained by JRETTPL.
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1365
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
As at 31.03.2013 As at 31.03.2012
R R R R
D (V) SHORT-TERM PROVISIONS
Provision for employee benefits
Gratuity 4,015,081 4,322,749
Compensated absences 26,585,081 16,251,777
30,600,162 20,574,526
Provision for wealth tax [refer note D(V)(i)] 172,042 81,841
TOTAL 30,772,204 20,656,367
Note D(V)(i):
Provision for Wealth Tax has been made as per the provisions of
Wealth Tax Act, 1957.
E FIXED ASSETS
E (I) Tangible Assets (Figures in R)
GROSS DEPRECIATION NET CARRYING VALUE
PARTICULARS As at 01.04.2012
Additions Deductions As at 31.03.2013
Up to
31.03.2012
For the year Deductions Up to 31.03.2013
As at 31.03.2013
As at
31.03.2012
Land
Freehold 10,995,000 10,995,000 10,995,000 10,995,000
Leasehold [refer note E(I)(i)] 152,550,000 152,550,000 5,906,816
1,540,909 7,447,725 145,102,275 146,643,184
Buildings
Owned [refer note E(I)(ii)] 1,329,550 1,329,550 169,754 21,672
191,426 1,138,124 1,159,796
Leased out 20,760,064 20,760,064 225,593 338,389 563,982
20,196,082 20,534,471
Computers
Owned 22,473,035 8,843,639 954,727 30,361,947 8,264,506
7,242,164 775,794 14,730,876 15,631,071 14,208,529
Office Equipments
Owned 4,741,502 4,492,203 149,780 9,083,925 3,121,474 1,719,713
102,405 4,738,782 4,345,143 1,620,028
Plant & Equipment
Owned 512,653,216 954,571 513,607,787 52,215,880 24,571,482
76,787,362 436,820,425 460,437,336
Leased out 22,116,610 22,116,610 1,475,178 1,475,178
20,641,432
Electrical Installations
Owned 1,638,571 1,638,571 1,200,556 55,898 1,256,454 382,117
438,015
Vehicles
Owned 12,647,432 11,764,546 24,411,978 1,463,396 2,702,687
4,166,083 20,245,895 11,184,036
Furniture & Fixture
Owned 16,930,776 999,732 443,183 17,487,325 13,543,749 570,193
111,007 14,002,935 3,484,390 3,387,027
TOTAL 756,719,146 49,171,301 1,547,690 804,342,757 86,111,724
40,238,285 989,206 125,360,803 678,981,954
Previous year 714,544,169 42,800,617 625,640 756,719,146
51,194,544 35,542,811 625,631 86,111,724 670,607,422
E (II) Intangible Assets (Figures in R)
GROSS DEPRECIATION NET CARRYING VALUE
PARTICULARS As at 01.04.2012
Additions Deductions As at 31.03.2013
Up to 31.03.2012
For the year Deductions Up to 31.03.2013
As at 31.03.2013
As at
31.03.2012
Specialised Software 11,820,144 1,636,177 13,456,321 7,551,976
2,957,634 10,509,610 2,946,711 4,268,168
TOTAL 11,820,144 1,636,177 13,456,321 7,551,976 2,957,634
10,509,610 2,946,711
Previous year 8,133,864 3,686,280 11,820,144 3,846,201 3,705,775
7,551,976 4,268,168
Notes:
E(I)(i) Lease hold land represents 50.85 acres at Nagpur taken
on ninety nine years lease with effect from June 01, 2008 as per
the agreement
dated June 20, 2008 with Maharashtra Airport Development Company
Ltd for development of information technology infrastructure
facilities.
E(I)(ii) Cost of owned building represents ownership of an
accommodation by holding 5 shares of face value R 50/- each in a
co-operative
society.
E(I)(iii) The Company has reviewed the useful life of fixed
assets during the year and revised the useful life of desktop
computers and servers.
Consequently, depreciation for the year is higher by R 17,29,056
and profit before tax for the year is lower to that extent.
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1366
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
As at 31.03.2013 As at 31.03.2012
R R R R
F NON-CURRENT INVESTMENTS
(at cost unless otherwise stated)
Long-term Investments
Trade investments
(i) Investments in unquoted equity instruments of
(a) Subsidiary companies 19,227,897,332 16,309,565,472
(b) Joint venture 3,239,999,600 3,239,999,600
(c) Associate companies 703,001,620 703,001,620
(d) Other companies 143,010,000 143,010,000
23,313,908,552 20,395,576,692
(ii) Investments in unquoted debentures of
(a) Subsidiary Company 2,450,000,000
TOTAL 25,763,908,552 20,395,576,692
Aggregate amount of unquoted investments 25,763,908,552
20,395,576,692
F (i) DETAILS OF NON CURRENT INVESTMENTS
Sr. No.
Particulars Face value R per share
Number of shares As at 31.03.2013
As at
31.03.2012 As at
01.04.2012 Purchased /
subscribed during the year
Sold during the year
As at 31.03.2013
(R) (R) (R) (R) (R) (R)
Trade investments
(i) Unquoted equity instruments:
(a) Investment in subsidiary companies:
Fully paid equity shares:
International Seaports (India) Private Limited 10 2,500,580
2,500,580 45 45
L&T Ahmedabad Maliya Tollway Limited 10 148,999,900
148,999,900 1,489,999,000 1,489,999,000
L&T BPP Tollway Limited 10 82,075,000 114,860,000
196,935,000 1,969,350,000 820,750,000
L&T Chennai - Tada Tollway Limited 10 41,999,900 41,999,900
419,999,000
L&T Deccan Tollways Limited 10 150,000 23,525,000 23,675,000
236,750,000 1,500,000
L&T Devihalli Hassan Tollways Limited 10 89,999,900
89,999,900 899,999,000 899,999,000
L&T East-West Tollway Limited 10 10,475,000 10,475,000
104,750,000
L&T Great Eastern Highway Limited 10 8,695,000 8,695,000
86,950,000
L&T Halol Shamlaji Tollway Limited 10 130,499,900
130,499,900 1,304,999,000 1,304,999,000
L&T Infrastructure Development Projects Lanka (Private)
Limited
10* 146,040,562 498,165 146,538,727 627,388,233 625,305,373
L&T Interstate Road Corridor Limited 10 57,160,000
57,160,000 571,600,000 571,600,000
L&T Krishnagiri Thopur Toll Road Limited 10 78,750,000
78,750,000 787,500,000 787,500,000
L&T Krishnagiri Walajahpet Tollways Limited 10 89,997,400
89,997,400 899,974,000 899,974,000
L&T Metro Rail (Hyderabad) Limited 10 432,629,600 92,070,000
524,699,600 5,246,996,000 4,326,296,000
L&T Panipat Elevated Corridor Limited 10 84,300,000
84,300,000 843,000,000 843,000,000
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1367
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
Sr. No.
Particulars Face value R per share
Number of shares As at 31.03.2013
As at
31.03.2012 As at
01.04.2012 Purchased /
subscribed during the year
Sold during the year
As at 31.03.2013
(R) (R) (R) (R) (R) (R)
Trade investments
L&T Port Kachchigarh Limited 10 4,160,000 4,160,000
41,600,000 41,600,000
L&T Rajkot Vadinar Tollway Limited 10 109,999,900
109,999,900 1,099,999,000 1,099,999,000
L&T Samakhiali Gandhidham Tollway Limited 10 80,508,133
80,508,133 805,081,330 805,081,330
L&T Transco Private Limited 10 10,000 10,000 100,000
100,000
L&T Transportation Infrastructure Limited 10 30,536,000
30,536,000 531,366,014 531,366,014
L&T Vadodara Bharuch Tollway Limited 10 43,500,000
43,500,000 435,000,000 435,000,000
L&T Western Andhra Tollways Limited 10 56,500,000 56,500,000
565,000,000 565,000,000
L&T Western India Tollbridge Limited 10 13,950,007
13,950,007 139,500,070 139,500,070
Narmada Infrastructure Construction Enterprise Limited
10 6,701,500 6,701,500 120,996,640 120,996,640
19,227,897,332 16,309,565,472
(b) Investment in joint venture:
Fully paid equity shares:
The Dhamra Port Company Limited 10 323,999,960 323,999,960
3,239,999,600 3,239,999,600
3,239,999,600 3,239,999,600
(c) Investments in associate companies:
Fully paid equity shares :
International Seaports Haldia (Private) Limited
10 9,830,000 9,830,000 98,300,000 98,300,000
PNG Tollway Limited 10 60,470,162 60,470,162 604,701,620
604,701,620
703,001,620 703,001,620
(d) Investment in other companies:
Fully paid equity shares:
Second Vivekananda Bridge Tollway Company Private Limited
10 1,000 1,000 10,000 10,000
SICAL Iron Ore Terminals Limited 10 14,300,000 14,300,000
143,000,000 143,000,000
143,010,000 143,010,000
Investment in Unquoted equity instruments - Total 23,313,908,552
20,395,576,692
(ii) Investments in debentures:
(a) Issued by subsidiary:
L&T Panipat Elevated Corridor Limited - 10.56% secured
redeemable non-convertible debentures (unquoted)
1,000,000 2,450 2,450 2,450,000,000
Investments in Debentures - Total 2,450,000,000
Total Non Current Investments 25,763,908,552 20,395,576,692
* Srilankan R
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1368
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
Note F(ii):
The Company had pledged its investment in the equity shares of
the following companies, to the lenders of term loan of the
respective companies
Sl.
No
Name of the Company As at 31.03.2013 As at 31.03.2012
R R R R
(a) Subsidiary companies
1. L&T Panipat Elevated Corridor Limited 429,929,970
2. L&T Krishnagiri Thopur Toll Road Limited 401,624,970
401,624,970
3. L&T Western Andhra Tollway Limited 288,149,970
288,149,970
4. L&T Vadodara Bharuch Tollway Limited 221,849,960
221,849,960
5. L&T Interstate Road Corridor Limited 275,997,510
275,997,510
6. L&T Krishnagiri Walahjapet Tollway Limited 458,986,710
458,986,710
7. L&T Metro Rail (Hyderabad) Limited 2,362,929,960
1,736,853,960
8. L&T Samakhiali Gandhidham Tollway Limited 410,591,450
122,400,000
9. L&T Devihalli Hassan Tollways Limited 440,999,490
4,861,130,020 3,935,793,050
(b) Joint Venture
The Dhamra Port Company Limited 1,652,400,000
(c) Associate Company
PNG Tollway Limited 308,397,810
(d) Other Company
Second Vivekananda Bridge Tollway Company
Private Limited
10,000 10,000
5,169,537,830 5,588,203,050
Note F(iii):
Disclosures pursuant to Accounting Standard (AS 13) Accounting
for Investments
The Company has given, inter alia, the following undertakings in
respect of its investments:
(a) Jointly with Larsen & Toubro Limited (holding Company),
to the term lenders of L&T Transportation Infrastructure
Limited (LTTIL) not to
reduce their joint shareholding in LTTIL below 51% until the
financial assistance received from the term lenders is repaid in
full by LTTIL.
(b) Jointly with Tata Steel Limited to the term lenders of The
Dhamra Port Company Limited (DPCL) not to reduce the joint
shareholding in
DPCL below 26% during the concession period.
(c) To the term lenders of the following companies, not to
reduce its shareholding below 26% till final settlement to the term
lenders.
L&T Panipat Elevated Corridor Limited
L&T Krishnagiri Thopur Toll Road Limited
L&T Western Andhra Tollway Limited
L&T Interstate Road Corridor Limited
(d) To the term lenders of L&T Vadodara Bharuch Tollway
Limited not to reduce its shareholding below 51% upto a period of 3
years after
Commercial Operation Date (COD) and below 26% till final
settlement to the term lenders.
(e) Jointly with Larsen & Toubro Limited (holding Company)
to the term lenders of L&T Metro Rail (Hyderabad) Limited
(LTMRHL) to pledge
51% of the paid-up and voting equity share capital of
LTMRHL.
(f) Jointly with Larsen & Toubro Limited (holding Company),
to the term lenders of L&T Krishnagiri Walajahpet Tollway
Limited (LTKWTL)
not to reduce their joint shareholding in LTKWTL below 51% until
the financial assistance received from the term lenders is repaid
in full
by LTKWTL.
(g) Jointly with Larsen & Toubro Limited (holding Company)
and L&T Transco Private Limited (subsidiary Company), to the
term lenders of
L&T Samakhiali Gandhidham Tollway Limited (LTSGTL) not to
reduce their joint shareholding in LTSGTL below 51% until the
financial
assistance received from the term lenders is repaid in full by
LTSGTL.
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1369
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
(h) To the term lenders of the following companies, not to
divest control without the prior approval of the lenders and
Gujarat State Road
Development Corporation Limited.
L&T Rajkot Vadinar Tollway Limited
L&T Ahmedabad Maliya Tollway Limited
L&T Halol Shamlaji Tollway Limited
(i) To the term lenders of L&T Devihalli Hassan Tollway
Limited (LTDHTL) not to reduce the shareholding in LTDHTL below 51%
until the
financial assistance received from the term lenders is repaid in
full by LTDHTL.
(j) To the term lenders of L&T East-West Tollway Limited
(LTEWTL) not to reduce the shareholding below 51% and to retain
management
control in LTEWTL until the financial assistance received from
the term lenders is repaid in full by LTEWTL.
(k) To the term lenders of L&T Great Eastern Highway Limited
(LTGEHL) not to reduce the shareholding below 51% and to retain
management
control in LTGEHL until the financial assistance received from
the term lenders is repaid in full by LTGEHL.
Note F(iv):
The Company is of the view that there is no diminution of other
than temporary nature in the value of its long term investments as
of March
31, 2013, based on
a. estimated future cash flows of the investee project companies
and
b. definitive agreements for sale that have already been entered
into for certain of its investments,
G LONG TERM LOANS AND ADVANCES
As at 31.03.2013 As at 31.03.2012
R R R R
Capital advances 21,792,997
Loans and advances to related parties
Subsidiary companies:
Unsecured loans (including interest accrued thereon)
[refer note G(i)]
4,969,597,571 4,303,478,000
Advance towards equity commitment 82,500,000
Advance paid for purchase of investments 207,167,050
627,166,050
5,259,264,621 4,930,644,050
Associate Company:
Unsecured loans (including interest accrued thereon)
[refer note G(ii)]
889,456,106 242,263,739
TOTAL 6,148,720,727 5,194,700,786
Note G(i): Unsecured loans to subsidiary companies
represents
(a) Interest-free, Mezzanine debt of R 35,89,00,000 (previous
year R 35,65,25,000/-) given to its subsidiary, L&T Krishnagiri
Walajahpet Tollway
Limited. The repayment of this debt will be made only after
secured obligations are discharged by the subsidiary to its lenders
as per
clause 2 of Schedule 2 of the Common Loan Agreement dated
November 03, 2010.
(b) Interest-free Mezzanine debt of R 130,50,00,000 (previous
year R 102,76,51,000) given to its subsidiary, L&T Halol -
Shamlaji Tollway
Limited. The repayment of this debt will be made only after
secured obligations are discharged by the subsidiary to its
lenders, as per
Part B of Schedule III of the Common Loan Agreement dated August
28, 2009.
(c) Interest-free Mezzanine debt of R 100,00,00,000 (previous
year R 50,41,51,000) given to its subsidiary, L&T Ahmedabad -
Maliya Tollway
Limited. The repayment of this debt will be made only after
secured obligations are discharged by the subsidiary to its
lenders, as per
Schedule IX of the Common Loan Agreement dated October 09,
2009.
(d) Interest-free Mezzanine debt of R 110,00,00,000 (previous
year R 62,66,51,000) given to its subsidiary, L&T Rajkot -
Vadinar Tollway Limited.
The repayment of this debt will be made only after secured
obligations are discharged by the subsidiary to its lenders, as per
Part B of
Schedule III of the Common Loan Agreement dated August 23,
2009.
(e) Interest-free Mezzanine debt of R 5,50,00,000 (previous year
R nil) given to its subsidiary, L&T Samakhiali Gandhidham
Tollway Limited.
The repayment of this debt will be made only after secured
obligations are discharged by the subsidiary to its lenders,
Schedule II of the
Common Loan Agreement dated July 03, 2010.
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1370
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
(f) Cash support granted to the following subsidiaries at RBI
bank rate (presently at 8.50 % p.a.)
Name of the Subsidiary As at 31.03.2013 As at 31.03.2012
R R
L&T Ahmedabad Maliya Tollway Limited 286,000,000
L&T Halol Shamlaji Tollway Limited 350,000,000
L&T Rajkot Vadinar Tollway Limited 281,700,000
48,500,000
L&T Samakhiali Gandhidham Tollway Limited 225,100,000
TOTAL 1,142,800,000 48,500,000
Interest of R 78,97,571 (previous year R Nil) on the above cash
support is payable after obtaining approval of the lenders of
respective subsidiaries.
Note G(ii):
Unsecured loans to Associate Company represents mezzanine debt
of R 81,16,80,000 (previous year R 24,00,00,000) given to its
associate,
PNG Tollway Limited. The repayment of this debt will be made
only after secured obligations are discharged by the associate to
its lenders,
as per Part B of Schedule III of the Common Loan Agreement dated
August 23, 2009. Interest is payable at SBI bank rate (presently at
11.95
% p.a.) plus 5 basis points after obtaining approval of lenders.
Accordingly interest of R 7,77,76,106 (previous year R 22,63,739)
has been
accrued as at March 31, 2013.
As at 31.03.2013 As at 31.03.2012
R R R R
H (I) CURRENT INVESTMENTS
Investment in unquoted equity instruments
Ennore Tank Terminals Private Limited 67,875,000 67,875,000
67,87,500 equity shares of R 10 each
(previous year: 67,87,500 equity shares of R 10 each)
Investment in unquoted Bonds
6.25% Rural Electrification Corporation Limited - Capital
gains bonds - Series VIII
5,000,000
Nil units of R 10,000 each
(previous year: 500 units of R 10,000 each)
Investment in quoted money market mutual funds 80,000,000
61,830,040
Current portion of long-term investments
Investment in Debentures
L&T Panipat Elevated Corridor Limited - 10.56% secured
non convertible debentures (50 nos. of R 10,00,000
each) (previous year: Nil)
50,000,000
197,875,000 134,705,040
TOTAL 197,875,000 134,705,040
Aggregate amount of quoted investments 80,000,000 61,830,040
Market value of quoted investments 80,083,878 62,452,961
Aggregate amount of unquoted investments 117,875,000
72,875,000
H (II) TRADE RECEIVABLES
Unsecured considered good
Debts outstanding for a period of more than 6 months
60,254,233
Other debts 34,409,115 121,652,070
34,409,115 181,906,303
TOTAL 34,409,115 181,906,303
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1371
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
As at 31.03.2013 As at 31.03.2012
R R R R
H (III) CASH AND BANK BALANCES
Cash and cash equivalents
Balance with banks on current accounts 58,102,229 53,619,630
Bank deposits with maturity less than 3 months
(including interest accrued thereon)
44,015,671 1,675,303,449
102,117,900 1,728,923,079
Other bank balances
Bank deposits with maturity more than 3 months but less
than 12 months (including interest accrued thereon)
5,590,325 5,153,019
TOTAL 107,708,225 1,734,076,098
H (IV) SHORT-TERM LOANS AND ADVANCES
Unsecured, considered good
Loans and advances to related parties
Holding Company
Inter-corporate deposits (including interest accrued)
1,785,500,110
Subsidiary companies:
Inter-corporate deposits (including interest accrued)
165,000,000
Unsecured loans [refer note H(IV)(i)] 2,158,800,000
418,800,000
Other advances 190,616,024 189,500,336
2,349,416,024 773,300,336
Fellow subsidiary companies:
Other advances 4,812
Other short term loans and advances
Advance tax (net of current year provision) 2,116,487
94,028,713
Advance tax (net of previous year provisions) 205,400,078
111,977,642
Unamortised discount on commercial papers 86,613,206
47,289,372
Security deposits 5,577,256 7,107,501
Other advances 74,086,216 58,238,323
373,793,243 318,641,551
TOTAL 2,723,209,267 2,877,446,809
Note H(IV)(i): Unsecured loans to subsidiaries includes
(a) Interest free short-term funding of R 41,88,00,000 (previous
year R 41,88,00,000) provided to the L&T Panipat Elevated
Corridor Limited.
(b) Subordinated debt of R 174,00,00,000 to its subsidiary,
L&T Vadodara Bharuch Tollway Limited (LTVBTL). Pursuant to the
loan agreement
dated December 13, 2006 with the term lenders to the project,
the repayment/redemption of this debt would be made only after
the
secured obligations are discharged by L&T VBTL to its
lenders. Interest not exceeding 9 % p.a is recoverable from the
subsidiary on this
subordinated debt after expiry of twelve months from the
Commercial Operation Date (COD) of the project, provided the
subsidiary is
able to maintain Senior Debt Service Coverage Ratio (SDSCR) of
1.22. The project achieved COD on June 3, 2009, however LTVBTL
is
yet to achieve the stipulated SDSCR as at March 31, 2013 and
hence no interest has been accrued in this regard.
During the year, LTVBTL has initiated steps to refinance its
debt and as per the terms and conditions of the refinancing
arrangement, this
subordinated debt would be repaid by LTVBTL within the next 12
months. Accordingly it has been grouped under short-term loans
and
advances as at March 31, 2013.
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1372
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
As at 31.03.2013 As at 31.03.2012
R R
H (V) OTHER CURRENT ASSETS
Interest accrued on investments 237,730,193 234,375
TOTAL 237,730,193 234,375
I CONTINGENT LIABILITIES:
(i) Contingent liability in respect of guarantees issued on
behalf of subsidiaries R 93,50,07,962 (previous year: R
133,82,69,025)
(ii) The Company is contingently liable to the extent of its
investments pledged [refer note F(ii)] for loans taken by:
Subsidiary companies 4,861,130,020 3,935,793,050
Joint Venture 1,652,400,000
Associate Company 308,397,810
Other Company 10,000 10,000
TOTAL 5,169,537,830 5,588,203,050
J COMMITMENTS:
(i) Estimated amount of committed funding by way of equity /
loans to subsidiary and associate companies R 49,28,64,04,000
(previous
year R 41,41,05,53,090)
(ii) Estimated amount of contracts remaining to be executed on
capital account R Nil (previous year R 23,29,536)
(iii) The Company has given undertakings to the term lenders of
the following subsidiaries to meet the cost overrun to the extent
of 5% of
the project cost
(a) L&T Krishnagiri Thopur Toll Road Limited
(b) L&T Western Andhra Tollway Limited
(c) L&T Rajkot Vadinar Tollway Limited
(d) L&T Ahmedabad Maliya Tollway Limited
(e) L&T Devihalli Hassan Tollway Limited
(f) L&T BPP Tollway Limited
(g) L&T Halol Shamlaji Tollway Limited
(h) L&T Deccan Tollway Limited
(i) L&T East-West Tollway Limited
(j) L&T Great Eastern Highway Limited
(iv) The Company has given an undertaking jointly with Larsen
& Toubro Limited (holding Company) to the term lenders of
L&T Metro Rail
(Hyderabad) Limited (LTMRHL) to meet the cost overrun to the
extent of 5% of the project cost.
(v) The Company has given an undertaking jointly with Larsen
& Toubro Limited (holding Company) to the term lenders of
L&T Krishnagiri
Walajahpet Tollway Limited (LTKWTL) to meet the cost overrun to
the extent of 5% of the project cost.
(vi) The Company has given an undertaking jointly with Larsen
& Toubro Limited (holding Company) and L&T Transco Private
Limited
(subsidiary Company), to the term lenders of L&T Samakhiali
Gandhidham Tollway Limited to meet the cost overrun to the extent
of 5%
of the project cost.
(vii) The Company has given, inter alia, the following
commitments in respect of its investments:
(a) Jointly with Larsen & Toubro Limited (holding Company),
to the term lenders of L&T Transportation Infrastructure
Limited (LTTIL) to
jointly meet the shortfall in the working capital requirements
of LTTIL until the financial assistance received from the term
lenders is
repaid in full by LTTIL.
(b) To the term lenders of L&T Vadodara Bharuch Tollway
Limited (LTVBTL) to provide financial support to LTVBTL to meet
shortfall, if
any, in meeting the debt repayment after receipt of Termination
payment from NHAI, in the event of a termination of the
Concession
Agreement pursuant to occurrence of the Concessionaire Event of
Default or any Force Majeure Event as stated in the said
Concession
Agreement.
(c) Jointly with Larsen & Toubro Limited (holding Company)
to the term lenders of L&T Metro Rail (Hyderabad) Limited
(LTMRHL):
balance of the Sponsors Contribution towards Project Equity
Capital (except Government of Andhra Pradesh Grant) and to
maintain the stipulated Debt to Equity Ratio from time to
time.
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1373
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
to provide funds to LTMRHL in case the Government of Andhra
Pradesh Grant is not received in time.
to meet the shortfall if any, in maintaining the Debt Service
Coverage Reserve at 1.0 time to the maximum extent of R 503
crores
as envisaged under the base case financial model.
(d) To the term lenders of L&T Rajkot Vadinar Tollway
Limited to meet the shortfall in maintaining the Debt Service
Coverage Reserve
at 1.2 times from the project completion date till March 31,
2015, to the maximum extent of R 25 crores.
(e) To the term lenders of L&T Ahmedabad Maliya Tollway
Limited for meeting the shortfall (if any) subject to a maximum of
R 30 crores,
in maintaining the Debt Service Coverage Reserve at 1.2 times
till three years from the date of Commercial Operations Date
(COD).
(f) To the term lenders of L&T Devihalli Hassan Tollway
Limited to provide one time sponsor contribution of R 10 crores in
the form of
lien marked fixed deposit for a period of 7 years from the date
of COD.
(g) To the term lenders of L&T BPP Tollway Limited to meet
shortfall as provided in the base case revenue projections for the
first two
years post COD.
(h) To the term lenders of L&T Deccan Tollway Limited to
meet shortfall as provided in the base case revenue projections
during the
initial years post COD to ensure DSCR of 1.2 times. and to
provide Bank Guarantee to the extent required for Major
Maintenance
Reserve (MMR) outflow during the years 2021-22 to 2024-25 for
maintaining DSCR of 1.2 times.
(i) Jointly with Ashoka Buildcon Limited, to the term lenders of
PNG Tollway Limited (PNGTL) to meet the shortfall proportionate
to
share holding in payment of interest in respect of loans in
accordance with the terms of the Common Loan Agreement during
the
period between partial COD and till the commencement of full
tolling for the entire project highway.
(j) To the term lenders of L&T Krishnagiri Walajahpet
Tollway Limited (LTKWTL), to provide to the lenders without
recourse to the project
assets in the event of shortfall in the debt due to the extent
of the difference between the amortisation schedule under the
common
loan agreement dated November 03, 2010 entered into among, inter
alia, LTKWTL and the lenders as adjusted for the shift in the
appointed date, and the revised amortisation schedule under the
amendment agreement to the common loan agreement dated
October 12, 2012 entered into among, inter alia, LTKWTL and the
lenders.
(k) To the term lenders of L&T East West Tollway Limited
(LTEWTL):
(i) to bring in adequate support (by way of fund or non-fund
means) as per the base case financials, quarterly in advance,
to
maintain annual DSCR of 1.2 times.
(ii) to arrange to infuse interest free funds in LTEWTL without
recourse to assets of the Borrower for servicing the
sub-ordinate
debt obligations of the borrowed by LTEWTL.
(iii) to arrange to fund and maintain reserve equivalent to one
month of debt servicing obligations for the sub-ordinate facility
in
the escrow account of the LTEWTL.
(l) To the Compulsorily Convertible Loan (CCL) lenders of
L&T East West Tollway Limited (LTEWTL)
(i) to contribute/arrange funds into LTEWTL to meet interest
payments under the CCL facility, and to repay the loans under
the
CCL facility in full on or before the scheduled completion of
the project.
(ii) Invest/arrange sufficient funds
to meet any shortfall in cash/reserves in the Borrower and to
enable timely servicing of the Facility (including redemption
of Optionally Convertible Cumulative Redeemable Preference
Shares (OCCRPS);
to meet any payment obligation arising on the Borrower under the
CCL/OCCRPS Facility.
(iii) to subscribe to the equity shares of LTEWTL, to ensure
that the minimum paid-up equity capital of LTEWTL is sufficient,
such
that post conversion of loans under the CCL facility into
OCCRPS, the OCCRPS do not exceed 30% of the paid-up capital of
LTEWTL and the same is in compliance with Section 19(2) of the
Banking Regulation Act,1949.
(iv) to provide adequate support (by way of fund or non fund
means) to L&T EWTL to enable LTEWTL to fund and maintain
debt
service reserve account for the CCL Facility
(m) To the term lenders of L&T Great Eastern Highway Limited
(LTGEHL):
i) to bring in adequate support (by way of fund or non-fund
means) as per the base case financials, quarterly in advance,
to
maintain annual DSCR of 1.2 times.
(ii) to arrange to infuse interest free funds in LTGEHL without
recourse to assets of the Borrower for servicing the
sub-ordinate
debt obligations of the borrowed by LTGEHL.
(iii) to arrange to fund and maintain reserve equivalent to one
month of debt servicing obligations for the sub-ordinate facility
in
the escrow account of the Borrower
(n) To the Compulsorily Convertible Loan (CCL) lenders of
L&T Great Eastern Highway Limited (LTGEHL)
(i) to contribute/arrange funds into LTGEHL to meet interest
payments under the CCL facility, and to repay the loans under
the
CCL facility in full on or before the scheduled completion of
the project.
(ii) Invest/arrange sufficient funds
to meet any shortfall in cash/reserves in the Borrower and to
enable timely servicing of the Facility (including redemption
of OCCRPS);
to meet any payment obligation arising on the Borrower under the
CCL/OCCRPS Facility.
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1374
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
(iii) to subscribe to the equity shares of LTGEHL, to ensure
that the minimum paid-up equity capital of LTGEHL is sufficient,
such
that post conversion of loans under the CCL facility into
OCCRPS, the OCCRPS do not exceed 30% of the paid-up capital of
LTGEHL and the same is in compliance with Section 19(2) of the
Banking Regulation Act,1949.
(iv) to provide adequate support (by way of fund or non fund
means) to LTGEHL to enable LTGEHL to fund and maintain debt
service reserve account for the CCL Facility
(viii) The Company has given an undertaking to provide financial
support to the following subsidiary companies as estimated below.
Further
financial support would be provided on a need basis.
As at 31.03.2013 As at 31.03.2012
R R
L&T Port Kachchigarh Limited 16,400,000 2,500,000
L&T Transco Private Limited 8,900,000 10,000,000
International Seaports India (Private Limited) 19,600,000
20,000,000
2012-13 2011-12
R R R R
K REVENUE FROM OPERATIONS:
Project facilitation and advisory service fees 338,718,959
784,119,809
Income from wind power generation 92,715,371 60,933,784
Other operating revenues
Lease rental income from Plant and Machinery 3,678,653
Facility management services 12,102,813 9,554,192
Business support services 170,838,297 103,484,471
186,619,763 113,038,663
TOTAL 618,054,093 958,092,256
L OTHER INCOME:
Interest income:
From holding Company
On inter corporate deposits 32,030,877 6,111,233
From subsidiary companies
On debentures 240,131,508
On inter corporate deposits 13,881,917 959,110
On other unsecured loans 8,788,262
From fellow subsidiary companies
On inter corporate deposits 8,073,973
From associate companies
On unsecured loan 77,410,211 2,515,266
From bank deposits 4,138,820 8,509,797
From others 312,714 2,020,168
376,694,309 28,189,547
Dividend income on
Long-term investments 4,915,000
Current investments 7,420,348
12,335,348
Exchange gain (net) 1,209,024
Profit on sale of current investments 73,870,933 34,067,981
Miscellaneous income 778,570 449,090
TOTAL 451,343,812 76,250,990
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1375
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
2012-13 2011-12
R R R R
M OPERATING EXPENSES:
Professional and consultancy charges 60,410,002 264,528,811
Tender document expenses 8,234,925 20,728,174
Repairs and maintenance to machinery 9,957,461 4,303,735
Insurance 7,396,710 7,031,213
85,999,098 296,591,933
TOTAL 85,999,098 296,591,933
N EMPLOYEE BENEFIT EXPENSE:
Salaries and wages 226,413,480 178,432,798
Cost of services 12,748,667 30,942,533
Contribution to and provision for:
Provident fund 8,863,650 8,420,658
Gratuity 5,215,354 6,606,134
Compensated absences 12,993,106 14,927,791
Superannuation 1,841,236 103,101
28,913,346 30,057,684
Staff welfare expenses 7,784,777 10,131,091
TOTAL 275,860,270 249,564,106
O FINANCE COST:
Interest expenses 5,665,836 243,148,358
Interest on redeemable non-convertible fixed rate debentures
168,181,151
Amortised discount on commercial paper 78,899,559 6,840,601
252,746,546 249,988,959
TOTAL 252,746,546 249,988,959
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1376
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
2012-13 2011-12
R R R R
P ADMINISTRATION AND OTHER EXPENSES:
Other professional charges 42,220,048 19,353,213
Insurance 5,865,535 3,542,825
Rent [refer note P(i)] 20,798,051 18,205,228
Rates & taxes 1,072,058 706,649
Repairs & maintenance
Buildings 1,096,847 19,769
Others 16,283,219 22,021,714
17,380,066 22,041,483
Printing & stationery 2,542,423 1,497,786
Power & electricity charges 1,914,021 1,479,390
Communication & postage 12,440,249 5,172,745
Bank and bank guarantee charges 1,853,307 5,607,685
Travelling & conveyance 50,605,791 40,775,658
Exchange loss (net) 19,975
Preoperative expenses written off 18,356,821
Miscellaneous expenses [refer note P(ii)] 13,869,334
11,734,299
TOTAL 170,580,858 148,473,782
Note P(i):
The Company has taken residential premises and office premises
under cancellable operating leases. These lease agreements are
normally
renewed on expiry. Lease rental expenses in respect of operating
leases for the year is R 2,07,98,051 (previous year R
1,82,05,228)
Note P(ii):
Miscellaneous expenses include Auditors remuneration (excluding
service tax)
PARTICULARS 2012-13 2011-12
R R
Audit fees 510,000 425,000
Taxation matters 145,000 75,000
Company law matters 20,000 40,750
Certification fees 705,800 313,800
Limited review and other services 533,600
Reimbursement of expenses 69,184
TOTAL 1,983,584 854,550
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1377
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
Q(1) Particulars in respect of loans and advances in the nature
of loans as required by the listing agreement:
Name of the Company Balance as at Maximum outstanding during
31.03.2013 31.03.2012 2012-13 2011-12
(a) Loans and advances in the nature of loans given to holding
Company:
Larsen and Toubro Limited 1,780,000,000 1,780,000,000
1,780,000,000
1,780,000,000
(b) Loans and advances in the nature of loans given to
subsidiaries:
L&T Panipat Elevated Corridor Limited 418,800,000
418,800,000 438,800,000 538,500,000
L&T Vadodara Bharuch Tollway Limited 1,740,000,000
1,740,000,000 1,740,000,000 1,740,000,000
L&T Devihalli Hassan Tollways Limited 5,000,000
L&T Krishnagiri Walajahpet Tollways Limited 366,525,000
366,525,000 366,525,000 366,525,000
L&T Metro Rail (Hyderabad) Limited 160,000,000
L&T Ahmedabad Maliya Tollway Limited 1,286,000,000
504,151,000 1,286,000,000 504,151,000
L&T Halol Shamlaji Tollway Limited 1,655,000,000
1,027,651,000 1,655,000,000 1,027,651,000
Narmada Infrastructure Construction Enterprise Limited
165,000,000 215,000,000
L&T Samakhiali Gandhidham Tollway Limited 225,100,000
225,100,000
L&T Rajkot Vadinar Tollway Limited 1,381,700,000 626,651,000
1,381,700,000 626,651,000
7,073,125,000 4,848,778,000
(c) Loans and advances in the nature of loans given to
associate:
PNG Tollway Limited 811,680,000 240,000,000 811,680,000
240,000,000
811,680,000 240,000,000
(d) Loans and advances in the nature of loans where
repayment
schedule is not specified/is beyond 7 years:
L&T Panipat Elevated Corridor Limited 418,800,000
418,800,000 438,800,000 538,500,000
L&T Vadodara Bharuch Tollway Limited 1,740,000,000
1,740,000,000 1,740,000,000 1,740,000,000
L&T Ahmedabad Maliya Tollway Limited 1,000,000,000
504,151,000 1,000,000,000 504,151,000
L&T Halol Shamlaji Tollway Limited 1,305,000,000
1,027,651,000 1,305,000,000 1,027,651,000
L&T Samakhiali Gandhidham Tollway Limited 225,100,000
225,100,000
L&T Rajkot Vadinar Tollway Limited 1,100,000,000 626,651,000
1,100,000,000 626,651,000
PNG Tollway Limited 811,680,000 240,000,000 811,680,000
240,000,000
6,600,580,000 4,557,253,000
(e) Loans and advances in the nature of loans where interest
is
not charged or charged below bank rate:
L&T Panipat Elevated Corridor Limited 418,800,000
418,800,000 438,800,000 538,500,000
L&T Vadodara Bharuch Tollway Limited 1,740,000,000
1,740,000,000 1,740,000,000 1,740,000,000
L&T Krishnagiri Walajahpet Tollways Limited 366,525,000
366,525,000 366,525,000 366,525,000
L&T Ahmedabad Maliya Tollway Limited 1,000,000,000
504,151,000 1,000,000,000 504,151,000
L&T Halol Shamlaji Tollway Limited 1,305,000,000
1,027,651,000 1,305,000,000 1,027,651,000
L&T Rajkot Vadinar Tollway Limited 1,100,000,000 626,651,000
1,100,000,000 626,651,000
5,930,325,000 4,683,778,000
(f) Equity investments in subsidiaries given in Q(1)(b)
above:
L&T Panipat Elevated Corridor Limited 843,000,000
843,000,000
L&T Vadodara Bharuch Tollway Limited 435,000,000
435,000,000
L&T Devihalli Hassan Tollways Limited 899,999,000
899,999,000
L&T Krishnagiri Walajahpet Tollways Limited 899,974,000
899,974,000
L&T Metro Rail (Hyderabad) Limited 5,246,996,000
4,326,296,000
L&T Ahmedabad Maliya Tollway Limited 1,489,999,000
1,489,999,000
L&T Halol Shamlaji Tollway Limited 1,304,999,000
1,304,999,000
Narmada Infrastructure Construction Enterprise Limited
120,996,640 120,996,640
L&T Samakhiali Gandhidham Tollway Limited 805,081,330
805,081,330
L&T Rajkot Vadinar Tollway Limited 1,099,999,000
1,099,999,000
13,146,043,970 12,225,343,970
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1378
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
Q(2) The Company is engaged in the business of generation of
wind power. Accordingly, information as applicable to wind power
operations
is given below.
Annual capacity and generation of wind power Unit of
measurement
2012-13 2011-12
Installed capacity MW 8.7 8.7
Production (A) KWH 20,896,190 17,231,050
Power consumed for starting WTG from grid (B) KWH 129,928
1,048,360
Wheeling charges and banking charges as per wheeling agreement
with TNEB (C) KWH 1,947,316 1,627,610
Invoicing on L&T (D) KWH 15,880,381 10,608,035
Invoicing on TNEB (A-B-C-D) KWH 2,938,565 3,947,045
The Company has five wind turbine generators (WTG) in Tamil Nadu
with an aggregate capacity of 8.7MW.
The Company had entered into a Power Supply Agreement dated
March 18, 2010 with Larsen & Toubro Limited (L&T), the
holding Company,
under which the Company would sell the power generated to
L&T at its establishments located in Tamil Nadu and registered
with Tamil Nadu
Electricity Board (TNEB), as a captive consumer and would
invoice L&T at rates agreed in the said agreement for the units
consumed at the
end of each month.
The Company had also entered into Wheeling agreements with TNEB
under which the surplus units not consumed by L&T would be
banked
and invoiced to TNEB at the rates agreed in the said wheeling
agreements.
Q(3) Deferred Tax:
Major components of deferred tax liabilities and deferred tax
assets:
Particulars As at 31.03.2013 As at 31.03.2012
R R
Deferred tax liabilities
Difference between carrying amounts of fixed assets in the books
and WDV for income tax purposes. 67,795,155 68,520,230
Total deferred tax liabilities 67,795,155 68,520,230
Less: Deferred tax assets
Leave encashment 9,036,269 5,272,889
Gratuity 1,364,726 1,402,516
Provident Fund 253,348
Total deferred tax assets 10,400,995 6,928,753
Net deferred tax liability / (asset) 57,394,160 61,591,477
Net incremental provision for deferred tax liability / (asset)
(4,197,317) (5,690,535)
Q(4) Basic and Diluted Earnings per Share (EPS) computed in
accordance with Accounting Standard (AS) 20 Earnings per Share:
Particulars 2012-13 2011-12
Basic and diluted
Profit after tax available to equity shareholders (R) A
196,982,531 66,297,676
Weighted average number of shares (WANES) B 321,049,096
271,167,889
Basic and diluted EPS (R) A/B 0.61 0.24
Face value per equity share (R) 10.00 10.00
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)
-
S-1379
L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
Q(5) Disclosure pertaining to AS-15(revised) on Employee
benefits:
Gratuity plan Trust-managed provident fund plan
As atMarch 31, 2013
As atMarch 31, 2012
As atMarch 31, 2013
As atMarch 31, 2012
R R R R
a) The amounts recognised in Balance Sheet are as follows:
A) Present value of defined benefit obligation
- Wholly funded 20,566,957 16,163,005 75,166,084 35,353,044
- Wholly unfunded 780,853
20,566,957 16,163,005 75,166,084 36,133,897
Less : Fair value of plan assets 16,551,876 11,840,256
73,382,390 34,653,395
Amount to be recognised as liability or (asset) 4,015,081
4,322,749 1,783,694 1,480,502
B) Amounts reflected in the Balance Sheet
Liabilities 4,015,081 4,322,749 1,783,694 1,480,502
Assets
Net Liability / (asset) 4,015,081 4,322,749 1,783,694
1,480,502
Net liability under trust managed provident fund plan represents
amount payable to the trust for the month of March 2013.
b) The amounts recognised in the Statement of Profit and loss
are as follows:
1 Current service cost 1,448,636 2,387,839 15,631,314
5,772,671
2 Interest on Defined benefit obligation 1,373,855 218,952
5,766,714 3,074,924
3 Expected return on plan assets ## (477,137) (5,766,714)
(3,074,924)
4 Actuarial losses/(gains) (255,865) 10,815,210 780,853
5 Past service cost
6 Actuarial gain/(loss) not recognised in books
7 Benefits received 2,648,728
8 Adjustment for earlier years (6,338,730) (7,209,640)
Total (1 to 8) 5,215,354 6,606,134 8,421,674 6,553,524
I Amount included in "employee benefi